Intuit Buys Homestead for $170 Million
Intuit Inc. said Monday that it's buying Homestead Technologies Inc. for $170 million in a deal that will provide the financial management software maker with more online tools to sell to small businesses.
Menlo Park-based Homestead specializes in helping small businesses design and run their Web sites. The acquisition is part of Intuit's effort to diversify beyond its popular Quicken and TurboTax programs, which are already popular with small businesses.
Mountain View-based Intuit expects the deal to decrease its earnings slightly during its fiscal years ending in July 2008 and 2009. The acquisition is scheduled to close early in 2008.